lifetime mortgage

chrystal_2

hi can anyone advise me about lifetime mortgages, my partner is 62 and im 47. we have a mortgage owing of 14,000 and a secured loan of 23000 and 7 yrs for both these to end, we have other debts upto about 5000 we both work but struggle every week to make ends meet,the house is worth about 99,950
i dont want to struggle for the next 7 years. and feel we could pay all our debts off any advise would be great thanks x

toonfish

the youngest available age is 55, so unless the property is in your sole name this is not a viable option.

You could however go for an interest only mortgage with no end date, which might reduce your payments considerably

chrystal_2

thanks for reply mortgage in joint names, we are looking at all options for us
thanks

chrystal_2

toonfish what would you do if you were us thanks

toonfish

difficult to be specific without knowing a lot more about you but basically if you had all your borrowings on an interest only mortgage you are looking at around £200 per month at a guess. Obviously though you will pay this forever instead of just 7 years.

I would look at the maximum you can afford to pay per month and fit the mortgage to this with a view to repaying it asap. It's not ideal to extend the loan, but better than not being able to afford to eat.

chrystal_2

thanks again will look into it thanks x

Gorgeous_George

Dump the oldie and find someone your own age.



Only joking!



GG

chrystal_2

aww ive lived with him for 27 years, cant dump him now he gets winter fuel payment,:rotfl: hes called george too:p
love him really :j